Bullish (BLSH)
NYSE:BLSH
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Bullish
(NYSE:BLSH)
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Rating:50Neutral
Price Target:
$30.00
▼(-17.20% Downside)
Action:ReiteratedDate:01/31/26
The score is held back primarily by weak financial quality (profitability and operating cash flow) and bearish technical trend (price below major moving averages with negative MACD). The latest earnings call provides a meaningful positive offset via record adjusted results and strong early growth initiatives, but near-term risks remain given flat Q4 SS&O guidance and U.S. onboarding friction.
Positive Factors
Rapid revenue growth and improving EBITDA
Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.
Negative Factors
Negative operating cash flow
Persistent negative operating cash flow signals that core operations are not yet self‑funding, raising reliance on external capital. Over months to years this constrains reinvestment, increases dilution or leverage risk, and makes sustained product and market expansion dependent on financing availability.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and improving EBITDA
Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.
Read all positive factors
Bullish (BLSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.45B
Dividend YieldN/A
Average Volume (3M)1.25M
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees400
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.20
Shares Outstanding150,302,220
10 Day Avg. Volume936,570
30 Day Avg. Volume1,249,262
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.50
Price to Sales (P/S)0.02
P/FCF Ratio0.00
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit46.77
Enterprise Value/Ebitda-45.25
Forecast
1Y Price Target
$47.83Price Target Upside32.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.59
Revenue Forecast (FY)$375.25M
Bullish Business Overview & Revenue Model
Company Description
Bullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making ...
How the Company Makes Money
Bullish generates revenue through several key streams: transaction fees from trades executed on its platform, which are charged to users based on the volume of their trades. Additionally, Bullish may earn money through market-making activities, pr...
Bullish Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Positive
The call emphasized pronounced operational and financial progress: strong revenue and profitability gains, rapid adoption of options, expanding regulatory footprint, deepening tokenization and liquidity-service partnerships, and a robust information-services franchise. Management provided growth guidance that implies continued momentum (SS&O midpoint implying ~50% YoY growth). Headwinds include recent sharp crypto price declines, month-to-month transaction revenue volatility, regulatory uncertainty around U.S. market-structure legislation, and planned product sunsetting and higher operating/event costs. Overall, the positives (record revenues, margin expansion, product traction and regulatory wins) materially outweigh the risks discussed, though execution and macro/regulatory developments remain key near-term monitors.Positive Updates
Record SS&O Revenue and Strong Top-Line Growth
Q4 SS&O revenue of $54.6M (management cited +284% YoY); full-year SS&O revenue $157.7M (≈+160% YoY). Adjusted total revenue: Q4 $92.5M and FY2025 $288.5M (≈+35% FY growth; management noted Q4 growth near +70% YoY).
Negative Updates
Industry Price Volatility and Recent Market Weakness
Management highlighted precipitous drops in digital asset prices over the prior four months (Bitcoin cited as down materially in recent weeks), which may slow some customer spending and could moderate pipeline growth if prolonged.
Read all updates
Q4-2025 Updates
Positive
Negative
Record SS&O Revenue and Strong Top-Line Growth
Q4 SS&O revenue of $54.6M (management cited +284% YoY); full-year SS&O revenue $157.7M (≈+160% YoY). Adjusted total revenue: Q4 $92.5M and FY2025 $288.5M (≈+35% FY growth; management noted Q4 growth near +70% YoY).
Read all positive updates
Company Guidance
Bullish guided 2026 SS&O revenue of $220–$250 million (midpoint ≈50% YoY growth), adjusted operating expenses of $210–$230 million, and finance expense of $52–$60 million, while not giving full‑year adjusted transaction revenue and pointing investors to monthly exchange metrics (January published; February trading already exceeded 50% of January’s adjusted transaction revenue). For context, Q4 2025 SS&O was $54.6M (up 284% YoY), Q4 adjusted revenue was $92.5M and full‑year adjusted revenue was $288.5M (~35% YoY), Q4 adjusted EBITDA was $44.5M (48% margin) and full‑year adjusted EBITDA was $94.3M, Q4 adjusted operating expenses were $48.1M, Q4 adjusted net income was $28.9M and full‑year adjusted net income was $38.8M, and full‑year SS&O totaled $157.7M (≈160% YoY). Management said the guidance midpoint assumes continued momentum and rising tokenized RWA liquidity bookings and cross‑selling, partially offset by tougher asset/interest‑rate comparables and selective product sunsetting, with op‑ex reflecting low single‑digit growth plus conference and sales incentive costs.Bullish Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 244.81B | 250.26B | 116.51B | 72.90B | 1.32B |
| Gross Profit | 70.10M | 5.28M | -21.67M | -6.55M | -1.04B |
| EBITDA | -140.39M | 131.65M | 1.31B | -4.12B | -1.27B |
| Net Income | -764.68M | 78.53M | 1.30B | -4.25B | -1.40B |
Balance Sheet | |||||
| Total Assets | 3.96B | 3.05B | 1.80B | 3.41B | 7.46B |
| Cash, Cash Equivalents and Short-Term Investments | 508.88M | 250.36M | 367.67M | 1.41B | 1.23B |
| Total Debt | 601.46M | 543.07M | 440.40M | 14.13M | 6.50M |
| Total Liabilities | 658.17M | 646.75M | 522.23M | 1.52B | 1.34B |
| Stockholders Equity | 3.23B | 2.39B | 1.28B | 1.88B | 6.11B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -33.69M | -127.63M | 193.64M | -455.26M |
| Operating Cash Flow | 0.00 | -29.98M | -126.67M | 194.93M | -120.95M |
| Investing Cash Flow | 0.00 | -45.08M | 3.92M | -1.29M | 1.50B |
| Financing Cash Flow | 0.00 | -980.00K | -1.21B | -7.73M | -340.36M |
Bullish Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | $5.45B | ― | -26.27% | ― | ― | ― | |
50 Neutral | $35.12M | 20.27 | 90.77% | ― | ― | ― | |
45 Neutral | $10.78M | -0.08 | -164.51% | ― | 16.50% | ― | |
43 Neutral | $6.66M | -1.08 | 542.13% | ― | -44.25% | 82.71% | |
41 Neutral | $250.26K | -0.52 | ― | ― | -30.70% | 82.02% | |
40 Underperform | $11.36M | -0.31 | -46.76% | ― | -15.10% | -177.14% |
* Technology Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.